MIDI shareholders approve €43 million Manoel Island deal
This was the final hurdle for Manoel Island and Fort Tigné to be returned to the public
MIDI shareholders approved the €43 million deal for Manoel Island and Fort Tigné on Tuesday afternoon, effectively bringing an end to the almost three-decade saga.
In March, parliament unanimously approved a €43 million deal for MIDI to return both Manoel Island and Fort Tigné to the State, effectively annulling part of the concession granted to the company in 2000.
However, the deal had to be put to MIDI’s shareholders for approval before it could be finalised.
In a brief company statement issued on Tuesday afternoon, MIDI said its shareholders had “considered and approved” the deal at an extraordinary general meeting (EGM) held earlier in the day.
“With EGM approval obtained, all conditions required for entry into the proposed transaction have been satisfied,” the company said.
“The company’s next priority is the execution and publication of the deed giving effect to the proposed transaction,” it said.
The €43 million figure was established after auditors verified €75.5 million spent by MIDI in Manoel Island and Fort Tigné over the past 25 years.
However, the figure fell as the government chipped away at several expenses, slashing some €12.5 million in interest fees and parts of other verified expenses.
In total, the government agreed to reimburse €47.3 million worth of expenses, which fell to €42.7 million once MIDI’s VAT repayments were deducted.
Earlier this month, MIDI told its shareholders that the company would face insolvency if the deal were to fall through, detailing how it found itself holding a weak hand in negotiations, with the government’s repeated threats putting the company in a bind.
The news comes just weeks ahead of a €50 million bond repayment that is set to mature in July.
In practice, Tuesday’s decision paves the way for the agreement to be sealed, and the land returned to the public.
The government had initially resisted calls by activists to reclaim the land, saying it would cost hundreds of millions of euros to do so, only to later change tack.
Activists had launched a national campaign over the issue throughout 2025, eventually gathering more than 29,000 signatures through a petition.
Robert Abela has since pledged to turn Manoel Island into a public park, with Fort Tigné also set to be a public space.
In a brief Facebook post following MIDI's announcement, Abela described the news as "a dream come true," saying the final deal would be signed "soon". Meanwhile, Culture Minister Owen Bonnici said it marked "an important step for Manoel Island and Fort Tigné to be returned to Maltese families".